November 03, 2024

Business

Indian Stock Market Opens in Red Amid Selling Pressure in PSU Bank and Pharma Sectors

Kaumimarg Bureau / IANS | October 30, 2024 12:00 PM

Mumbai:  The Indian stock market opened in the red for the second consecutive day on Wednesday, with selling pressure seen in PSU banks and pharma sectors during early trade.

Market Indices Update: Sensex and Nifty Fall
The BSE Sensex was trading at 80, 057.15 points, down by 311.88 points (0.39%), while the Nifty 50 slipped to 24, 372.75, losing 94.10 points (0.38%).

However, market sentiment was not entirely negative, with 1, 666 stocks trading in green on the National Stock Exchange (NSE) compared to 586 stocks trading in red.

Nifty Bank: 52, 890.30 (-430.40 points or 0.82%)
Nifty Midcap 100: 56, 460.75 (+209.45 points or 0.37%)
Nifty Smallcap 100: 18, 355.35 (+156.40 points or 0.86%)
Top Gainers and Losers
In the Sensex pack:

Top Gainers: Maruti Suzuki, IndusInd Bank, Tata Motors, TCS, ITC
Top Losers: Sun Pharma, Bajaj Finserv, Titan, HCL Tech, PowerGrid, Asian Paints
In the Nifty pack:

Top Gainers: Maruti Suzuki, BEL, IndusInd Bank, Tata Motors, Bajaj Auto
Top Losers: Cipla, Dr Reddy’s, Sun Pharma, Shriram Finance, Bajaj Finserv, Titan
Global Market Trends
Asian markets showed mixed trends:

Tokyo: Trading in the green
Bangkok, Hong Kong, Shanghai, Jakarta, and Seoul: Opened in red
Meanwhile, US markets closed in the red on the previous trading day, adding to the cautious sentiment in global equity markets.

FII and DII Activity
Market experts noted that foreign institutional investor (FII) selling is showing signs of tapering off, with FIIs selling equities worth Rs 548 crore on Tuesday. On the other hand, domestic institutional investors (DII) purchased equities worth Rs 730 crore during the same session.

"The sharp decline in FII selling is a positive sign, indicating that the tactical shift of 'Sell India, Buy China' is nearing its end, " said analysts.

Despite this, experts cautioned that the Q2 earnings reports indicate a slowdown in growth, which could limit any sustained uptrend in the market.

Festive Season and Market Outlook
With the festive season bringing in more retail investor participation and DII inflows, the market may see a short-term boost. However, sustained momentum might be challenging due to soft Q2 earnings forecasts for FY25.

Recap of Tuesday’s Market Rally
On Tuesday, the market experienced a rally led by bank stocks.

Sensex closed at 80, 369.03, up 363.99 points (0.45%)
Nifty ended at 24, 466.85, rising 127.70 points (0.52%)

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